The case of Hibberd v. Hurricane Hydrocarbons Ltd. involved various issues regarding many stock options that were not exercised that were part of a consultant contract.
If you read through the 150 paragraphs of this case, you might find that the minutiae of details within the judgement are like the digressions on Targaryen history in Game of Thrones, interesting but not exactly necessary information. So I will summarize:
The defendants, Hurricane Hydrocarbons Ltd., had engaged the services of the plaintiff, Mr. Hibberd, and his company, for the purpose of raising capital for the defendant to purchase a company in Kazakhstan. As part of the agreement for the plaintiff’s services, in lieu of money they were verbally offered 100,000 stock options.
A written agreement came into effect for 50,000 with a termination clause that the option may be exercised any time until 60 days after his services are terminated, or before the options expire.
According to the plaintiff – the contractor – who signed off on these options, he was given representations that it was a standard clause and it wouldn’t be exercised.
The plaintiff entered into another agreement for 50,000 stock options that included a termination clause. It was the plaintiff’s understanding that the contract would not be terminated until after the options expired – and this was confirmed verbally, according to the contractor. Later, the defendant terminated the contract in question. The plaintiff did not exercise his options within the 60 days period of the termination, but he attempted to exercise the option months later.
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This blog was originally posted by Farrah Roahman
Co-authors: Brendan Sheehan and Rajah Lehal
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